Before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive, and organized, its members are.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
   
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? For example, you may find that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
   
3. How much does the association have in reserves? How is that money being invested? This is extremely important. For example, you don't want to purchase a unit and then find out there is not enough money in reserves and that everyone in the building is being charged a $5,000 assessment to replace all of the windows in the building.
   
4. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.
   
5. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments.
   

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